The rising cost of living is leading to a sharp rise in consumers calling financial services firms across the UK, according to data from communications company, Moneypenny.

Call volumes to financial and insurance clients increased by 30% in the period between November 2021 and January 2022, compared to a year earlier.

The trend comes as worried consumers seek more help and reassurance, Moneypenny stated.

Similarly, call durations have also increased over the last year as clients take longer to explain their concerns and increasingly complex needs. The average call duration increased by 11% during 2021 – from an average of 1.33 minutes in January 2021 to 1.48 minutes in the same month this year.

“Businesses in the financial sector are experiencing heightened demand and this could be the case for some time yet, so it’s important they have the capacity to handle those calls professionally, efficiently and with empathy, every time,” said Louise Wilson, who heads the finance sector at Moneypenny.

Group CEO, Joanna Swash, added: “Our call handlers have noticed that people do sound more stressed than usual and are keen to be put through to someone who can help and give advice, and we know that they want to talk for longer, the more stressed they are. They want reassurance, and speaking on the phone helps them find possible solutions.”

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